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Relay Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$63.9M in Q3 2026 · −$214M over twelve months

Operating cash flow−$63.9M
Free cash flow−$63.9M

Analysis

In Q3 2026, Relay Therapeutics generated −$63.9M of operating cash flow. That is $1.8M less than in Q3 2025 (−$62.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$214M; the largest uses were other investing ($222M), operating cash flow ($214M), capital spending ($1K); besides operations, cash came from other financing ($468M); the cash balance rose by $31.6M.

Operating cash flow was −$63.9M against net income of −$81.7M. The largest differences: stock-based pay +$10.1M, payables +$4.0M, prepaid and other assets +$940K.

Free cash flow

Relay Therapeutics: free cash flow by quarterRelay Therapeutics: free cash flow by quarter−$57.9MQ4 2024−$73.6MQ1 2025−$55.3MQ2 2025−$62.1MQ3 2025−$44.9MQ4 2025−$51.1MQ1 2026−$54.1MQ2 2026−$63.9MQ3 2026
Operating cash flow less capital spending.
Relay Therapeutics: operating cash flow against capital spendingRelay Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$57.9M$0Q4 2024−$73.2M$384KQ1 2025−$55.3M$26KQ2 2025−$62.1M−$1KQ3 2025−$44.9M$1KQ4 2025−$51.1M$0Q1 2026−$54.1M$0Q2 2026−$63.9M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$63.9M, Capital spending $0.

Capital allocation, year by year

Relay Therapeutics: where the cash came from (up) and went (down), by fiscal yearRelay Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$74.4MFY2021: Shares issued $5.9MFY2021: Capital spending −$3.5MFY2021: Acquisitions −$25.3M$5.9MFY2021FY2022: Operating cash flow −$229MFY2022: Shares issued $1.7MFY2022: Capital spending −$9.1M$1.7MFY2022FY2023: Operating cash flow −$300MFY2023: Capital spending −$4.1MFY2023FY2024: Operating cash flow −$249MFY2024: Capital spending −$2.0MFY2024FY2025: Operating cash flow −$235MFY2025: Capital spending −$410KFY2025
Over these 5 years operating cash flow totalled −$1.1B; the largest uses were operating cash flow ($1.1B) and acquisitions ($25.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$124M
Debtnone
Net cash$124M
Cash runway7 months

Relay Therapeutics is burning cash: its operations consume cash, a free cash flow of −$214M a year at the current rate against $124M of cash and investments: a runway of about 7 months before any new financing.

Where the cash came from and went

Relay Therapeutics: sources (+) and uses (−) of cash, Q3 2026Relay Therapeutics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$63.9MOther investing$62.4MOther financing$4.4MCash drawn (+) / kept (−)−$2.9M
Relay Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Relay Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$468MOther investing−$222MOperating cash flow−$214MCash drawn (+) / kept (−)−$31.6MCapital spending−$1K

From profit to cash

Relay Therapeutics: net income to operating cash flow, Q3 2026Relay Therapeutics: net income to operating cash flow, Q3 2026Net income−$81.7MDepreciation & amortization$280KStock-based pay$10.1MPayables$4.0MPrepaid and other assets$940KOther liabilities$172KOperating cash flow−$63.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingCash drawn (+) / kept (−)Free cash flow
Q3 2026−$63.9M—−$2.9M−$63.9M
Q2 2026−$54.1M—$83.4M−$54.1M
Q1 2026−$51.1M—−$121M−$51.1M
Q4 2025−$44.9M−$1K$8.5M−$44.9M
Q3 2025−$62.1M$1K$22.4M−$62.1M
Q2 2025−$55.3M−$26K−$20.5M−$55.3M
Q1 2025−$73.2M−$384K$30.7M−$73.6M
Q4 2024−$57.9M—$28.1M−$57.9M

Relay Therapeutics: income statement and cash flow

Relay Therapeutics, Q2 2026: revenue $350K (-48% year over year). The chart follows the revenue to costs, profit and cash.

Relay Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.